“In the last 10 years, the government’s revenues have gone up 15%," he said. "The government’s expenditures have gone up 80%. That was done during Republican and Democratic administrations, it was done by the White House and Congress.”

Bloomberg added, “Everybody created this problem, and now they can’t even figure out a way to save $1.2 trillion or one year’s deficit over the next 10 years.”

But the Super Committee is not entirely to blame, the mayor said. President Obama could help break Washington’s political gridlock by using his veto power.

“There is one answer to this: All the president has to do, and I’m not trying to hold him more responsible but he is the chief executive, he was elected to lead this country. All he's got to do is stand up and say, ‘I will veto any extension of any of the Bush-era tax cuts. Everybody. Not just the rich, but everybody.’ And that takes taxes off the table. Then the Republicans don't have an issue, and they can start working with the Democrats with coming up with intelligent cuts,” he said.

So what about a third-party presidential run for the Mayor? Not this time, he answered.

“I have a commitment to the public to serve four years. I'm going to honor that commitment. I've got a great job. I love it every day. That's what I'm going to do.”